Bank of Maharashtra net quadruples to Rs 163 crore

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Mumbai | November 08, 2014 12:52 AM

Bank of Maharashtra (BoM) saw its net profit quadruple in the September quarter...

Bank of Maharashtra (BoM) saw its net profit quadruple in the September quarter to Rs 162.91 crore from Rs 46.85 crore in the same period last year on account of lower provisions and higher other income.

Total income in the quarter grew 6.9% to Rs 3,419.56 crore compared with Rs 3,196.56 crore last year. The lender’s provision in the quarter stood at Rs 293.4 crore, down 9%, from Rs 323.21 crore in the same period last year.

Net interest income (NII) — the difference between interest earned and interest expended — grew 13.1% year-on-year to Rs 991.5 crore and the net interest margin (NIM) stood at 2.9%. The bank also saw its other income rise 21.9% to Rs 222 crore in Q2.

The bank’s asset quality deteriorated with net NPAs as a percentage of net advances increasing by 35 basis points (bps) to 3.29% from 2.94% in Q1 FY15. On absolute basis, the bank’s net non-performing assets sequentially increased 13.19% to Rs 2,901.45 crore.

The bank’s capital adequacy ratio under Basel III stood at 11.65% at the end of Q2. Its gross advances grew from Rs 88,419 crore in Q2 FY14 to Rs 90,119 crore in the September quarter of FY15.

The shares of BoM closed at Rs 44.6 on Friday, up 0.22%, from its previous close, on BSE.

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